XRP Price Prediction as On-Chain Data Suggests Ripple is Hacked for $100 Million – Is XRP Going to Crash?
The Ripple (XRP) price has rebounded back above $0.51 following downside earlier in the day on concerning reports that a key Ripple Labs executive had been hacked for XRP tokens worth over $100 million.
Concerns about the security of XRP creator Ripple Labs XRP holdings, combined with concerns that hackers could dump their ill-gotten token on the market pressured the XRP price to as low as the $0.4850s, down nearly 5% on the day at the time.
But at current levels, the XRP price is back to trading flat on the day as more details emerge.
It appears @Ripple was hacked for ~213M XRP ($112.5M)
Source address
rJNLz3A1qPKfWCtJLPhmMZAfBkutC2QojmSo far the stolen funds have been laundered through MEXC, Gate, Binance, Kraken, OKX, HTX, HitBTC, etc pic.twitter.com/HKGYsLQeMv
— ZachXBT (@zachxbt) January 31, 2024
The news was first reported by crypto analyst @ZachXBT.
He noted via a tweet on X that 213 million XRP tokens had been sent to various exchanges.
Ripple’s co-founder and executive Chris Larsen responded to the tweet by confirming that his personal accounts had been compromised.
However, he noted that exchanges had already been notified to freeze affected addresses and law enforcement are already involved.
That appears to have eased some concerns about a sudden dump of stolen XRP tokens onto the market.
XRP Price Prediction – Is XRP About to Crash?
News that a top executive of a major crypto project has been hacked for assets worth north of $100 million is hardly a confidence booster.
News that a top executive of a major crypto project has been hacked for assets worth north of $100 million is hardly a confidence booster for any cryptocurrency.
With the XRP price having dipped below a pennant structure in place since last summer, more downside could be coming.
Downside levels that XRP bears might be targeting include the September/October double lows at $0.45 and at $0.433 and $0.41.
But with momentum in the broader crypto market looking positive, any dips might remain short-lived.
Ripple Labs is likely to continue its winning momentum versus the US SEC this year.
And macro conditions are likely to improve when the Fed starts cutting interest rates.
While short-term price predictions may be downbeat, the XRP stands a good chance of hitting $1.0 this year.
